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Natural gas pricing should be as critically important to the general public as it is to industry specialists. Pricing is the basis of balancing the interests of European and Asian consumers of power and electricity with those of the limited number of potential suppliers of natural gas. Given that natural gas is a foundational transition fuel source that will not be supplanted by renewals for many, many years, the consequences of market failure from incorrect pricing mechanisms could result in the industry missing the new investment cycle. In addressing the critical balancing role of natural gas pricing, ‘Foundations of Natural Gas Price Formation’ presents an in-depth analysis of the fundamentals of natural gas price formation and outlines the distinctive characteristics of natural gas that make it a unique commodity by examining the specific factors underpinning gas pricing that result in a hybrid pricing system special to natural gas. The book argues that the patrons of spot pricing through gas hubs are promoting an incorrect understanding of gas markets that will lead to market failure and to potential critical supply shortages in the near future. ‘Foundations of Natural Gas Price Formation’ defends the system of oil-indexed pricing as an accurate, market-based mechanism that has stood the test of time.
This study concentrates on the economic reasons for regulation, stating the characteristics of price formation--monoploy price formation and competitive and monopsony price formation--in order to see which corresponds most closely to actul price formation.
One of the most disputable aspects of Russia's energy markets reform is the feasibility of achieving grid parity between different energy sources, of their so called inter-fuel competition level indices. Thus, in particular, one of the possible future components of the Russian market for natural gas can be the inter-fuel competition level reached by natural gas and coal in electric power generation. The results of a simplified analysis of current electric energy gen era on costs demonstrate that at present, natural gas has a huge competitive advantage over coal in electric power generation. At the same time, medium-term moderate growth of prices of natural gas in the domestic market will not result in a switchover, by electric power producers, from natural gas to coal.
This work analyses key issues of a European policy and future regulation for natural gas. The structure and performance of gas markets and the organizational characteristics of gas supply, transmission and distribution are considered. The work examines how the regulatory policies of Member States differ substantially from one another and from most determinants of a European energy policy: differences in system of ownership on all levels of the industry; in degrees of concentration and integration; in market structures of supply and demand especially in access to natural gas sources; in regulatory policies and priorities especially regarding gas-to-gas and substitute competition; in regulatory instruments; in motions of national interest, optimal use and preservation of resources and investments; and dependence on foreign supplies. The development of Community law benefits from an appreciation of these factors, and experts from most EC member states provide a rigorous and thorough analysis of the issues.
Consumption of natural gas is growing rapidly and now accounts for nearly one-quarter of the world's energy supply. While natural gas is relatively clean compared to crude oil and coal, its ability to assume a greater role in meeting the world's growing energy demands will depend largely on price. In this report, the author analyzes the two competing price mechanisms for natural gas: the dominant practice of linking gas prices to oil prices and a second model based on competitive market prices. Although Europe-- which uses both mechanisms-- is now the battleground in the natural gas pricing war, its effects will likely be felt worldwide.